Section LS 2 — Income Tax Act 2007: Tax credits for investors in multi-rate PIEs

LS 2 Tax credits for investors in multi-rate PIEs When this section applies (1) This section applies when— (a) an investor has attributed PIE income from a multi-rate PIE for a tax year; and (b) the investor's prescribed investor rate is— (i) more than zero: (ii) for an investor who is a trustee, the rate set out in schedule 6 , table 1, row 5 or 7 (Prescribed rates: PIE investments and retirement scheme contributions), as applicable; and (c) the income is not excluded income of the investor because— (i) the test in section CX 56(1)(b) (Attributed income of certain investors in multi-rate PIEs) is not met; or (ii) section CX 56(2)(b) or (c) applies. Amount of credit (2) The investor has a tax credit for the income year in which the PIE's tax year ends. The amount of the credit is equal to the amount of income tax liability satisfied by the PIE in relation to the attributed PIE income, and may be used to satisfy the investor's income tax liability for the tax year. Defined in this Act: amount , attributed PIE income , excluded income , income , income year , investor , multi-rate PIE , PIE , prescribed investor rate , tax credit , tax year Compare: 2007 No 97 s LS 2 Section LS 2(2) (as it read immediately before substitution on 1 April 2010, relating to the period between 1 April 2008 to 31 March 2010): amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 90(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section LS 2 list of defined terms pay (as it read immediately before substitution on 1 April 2010, relating to the period between 1 April 2008 to 31 March 2010): repealed (with effect on 1 April 2008), on 7 September 2010, by section 90(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section LS 2(1)(c): substituted (with effect on 1 April 2010), on 29 August 2011 (applying for the 2010–11 and later income years), by section 106(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section LS 2(1)(c)(ii): amended, on 1 April 2012 (applying for the 2012–13 and later income years), by section 106(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section LS 2: substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 348(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section LS 2(1): substituted (with effect on 1 April 2009), on 6 October 2009, by section 347(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section LS 2(1)(a): amended, on 1 April 2010, by section 347(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section LS 2(1)(b)(ii): amended, on 1 April 2010 (applying for income years beginning on or after 1 April 2010), by section 83(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section LS 2(2): amended (with effect on 1 April 2010), on 7 September 2010 (applying for the 2010–11 and later income years), by section 91(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section LS 2 list of defined terms pay : repealed (with effect on 1 April 2010), on 7 September 2010, by section 91(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).